GOODWILL INDUST KANAWHA VALLEY INC
PPP Loan approved Apr 29, 2020 through Burke and Herbert Bank and Trust Company
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,040,000.00 | 80.5% |
| Utilities | $11,500.00 | 0.9% |
| Mortgage Interest | $240,000.00 | 18.6% |
About This Loan
GOODWILL INDUST KANAWHA VALLEY INC received a PPP loan of $1,291,500 approved on Apr 29, 2020. The loan was originated by Burke and Herbert Bank and Trust Company.
GOODWILL INDUST KANAWHA VALLEY INC is a non-profit organization located in CHARLESTON, West Virginia. At the time of the application, the business was described as "existing or more than 2 years old". This organization is classified as a non-profit.
The business operates in the Used Merchandise Retailers industry (NAICS 453310), part of the Retail Trade sector of the economy. The applicant reported 311 jobs as retained through this loan.
The SBA forgave $1,302,226.62 of this loan — 100.8% of the total approved amount, with forgiveness recorded on Mar 3, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $1,040,000 to payroll, $11,500 to utilities, $240,000 to mortgage interest. The payroll component represents 80.5% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in West Virginia, visit the West Virginia page. To compare this loan with others in the same industry, see the Used Merchandise Retailers industry page.